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                                                                     Exhibit 21
                           KAISER GROUP HOLDINGS, INC.
                    9302 Lee Highway, Fairfax, Virginia 22031
                                 (703) 934-3300

     Kaiser Group Holdings, Inc.'s consolidated subsidiaries are listed below.
     Consolidated subsidiaries that are less than wholly owned are indicated by
     the ownership percentage figure in parentheses following the name of the
     consolidated subsidiary.

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                                                                                                       JURISDICTION
CONSOLIDATED SUBSIDIARY                                                                                OF FORMATION
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<S>                                                                                                     <C>
I.   Kaiser Group International, Inc.                                                                      Delaware
     II.   Henry J. Kaiser Development Corporation, Inc.                                                   Delaware
     II.   Kaiser Engineers Group, Inc.                                                                    Delaware
           III.    Henry J. Kaiser Company                                                                   Nevada
           III.    Kaiser Engineers, Inc.                                                                      Ohio
                   IV.    KRGW Company (Canada), Inc.                                                        Canada
                   IV.    Kaiser Overseas Engineering, Inc.                                                Delaware
                   IV.    Kaiser Engineers and Constructors, Inc.                                            Nevada
                          V.   Kaiser Engenharia, S.A. (50%)                                               Portugal
                   IV.    Kaiser Engineers International, Inc.                                               Nevada
                          V.   Kaiser Panama S.A.                                                            Panama
                          V.   Kaiser Engenharia, S.A. (50%)                                               Portugal
                   IV.    KE Services Corporation                                                          Delaware
     II.   Kaiser Engineers Massachusetts, Inc.                                                            Delaware
     II.   Kaiser Government Programs, Inc.                                                                Delaware
           III.    Kaiser K-H Holdings, Inc.                                                               Delaware
                   IV.    Kaiser-Hill Company, LLC (50%)                                                   Colorado
                          V.   Kaiser-Hill Funding Company, L.L.C. (98%)                                   Delaware
                   IV.    Kaiser-Hill Funding Company, L.L.C. (1%)                                         Delaware
     II.   Kaiser Hanford Company                                                                          Delaware
     II.   Kaiser Holdings Unlimited, Inc.                                                                 Delaware
           III.    Excell Development Construction, Inc.                                                   Delaware
           III.    Kaiser Engineers Eastern Europe, Inc.                                                   Delaware
                   IV.    Kaiser Netherlands B.V. (10%)                                                 Netherlands
           III.    Kaiser Netherlands B.V. (90%)                                                        Netherlands
     II.   Kaiser Technology Holdings, Inc.                                                                Delaware
           III.    Kaiser Advanced Technology, Inc.                                                           Idaho
                   IV.    ICF Kaiser Advanced Technology of New Mexico, Inc.                             New Mexico
     II.   Monument Select Insurance Company                                                                Vermont
     II.   MSIC, Inc.                                                                                      Delaware
     II.   Tudor Engineering Company                                                                       Delaware
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